Since 2016, Indian business owners and entrepreneurs have been migrating to Australia for business. The reason is simple: It’s one of the easiest places in the world to do business. Australia is also an ideal destination for Indian Business Entrepreneurs because it has the purest water, cleanest air, and weather conditions that are perfect for Indian entrepreneurs. Today, more than 6,00,000 Indians lead a luxurious lifestyle in Australia and have made this country their second home.
If you wish to migrate to Australia for a better lifestyle or business growth, here’s what you need to know about starting a business in Australia.
Starting a Business in Australia
Consider the legal and regulatory concerns associated with starting and operating a business in Australia. Consider the following:
- Business structure
- Location of your business premises in Australia
- Protecting your business’ intellectual property
- Obtaining the necessary licences
- Be aware of the legal obligations. These include:
- The tax you need to pay
- Whether you want to hire employees
- Health and safety of your workers
- Maintaining the privacy of your employees and confidential business information
- Meeting the reporting and disclosure requirements set by the Australian Securities and Investment Commission (ASIC)
- Complying with consumer law
How can Indians set up business in Australia?
- Decide your business structure:
- Sole trader
- Apply for Australian Business Number (ABN):
- Go to https://abr.gov.au/For-Business%2c-Super-funds—Charities/Applying-for-an-ABN/ to apply.
- You’ll get a unique 11 digit ABN.
- Go to Business registration service Beta to apply for key business registrations using one form.
- Register business name:
- Click http://www.asic.gov.au/for-business/registering-a-business-name/ to register your business name.
- Register website name:
- Go to https://www.auda.org.au/industry-information/registrars/ to see a full list of Australian registrars.
- Apply for TFN:
- Go to https://www.ato.gov.au/Business/Registration/Work-out-which-registrations-you-need/Taxation-registrations/Tax-file-number/ to apply for a tax file number (TFN).